USD/CAD Break Feels Like Late January
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCAD has broken through trendline resistance. The sideways, slow-trading nature since the March 1 high suggests that the trade is corrective. Today’s impressive push through the trendline and 4/5 high is bullish.
FOREXTrading Strategy: Allow for consolidation of today’s move but I want to get long at 1.0175 with a 1.0080 stop.
LEVELS: 1.0103 1.0150 1.0190 1.0267 1.0342 1.0407
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.